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PHOENIX-Taking into account a low inventory of industrial structures in the area, 4630 South 33rd Street, LLC, headed by Phoenix businessman Jay Donkersloot, has purchased a 26,996-sf industrial building from Fox/UTV Holdings Inc. of Phoenix for $1.45 million.

According to Mark Detmer, vice president with Trammell Crow Company’s Phoenix office, the closing price was close to the seller’s ask. “The key to this whole deal is that there’s very little inventory of this type of property available,” says Detmer, who, with TC’s Bo Mills, represented Donkersloot’s company in the deal. Pat Harlan of Cushman and Wakefield of Arizona Inc.’s Phoenix offices brokered the deal on behalf of the seller.

“Land prices have increased. Construction costs have increased. So, it makes more sense to try to buy and redevelop existing product that may be overbuilt and to make it work that way,” Detmer tells GlobeSt.com, adding he is uncertain about Donkersloot’s plans for the property at 4630 S. 33rd St. Fox/UTV Holdings brought the asset to market after Fox News acquired United Television and consolidated operations to another area in Phoenix.

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